Wilmington, Del. — Schultze Asset Management has acquired substantially all of the assets of Tweeter Home Entertainment Group for $38 million in cash and the assumption of significant liabilities following approval by the U.S. Bankruptcy Court here today.
“As a privately held portfolio company of Schultze Asset Management, we look forward to the fresh start that this sale will provide for our employees, customers and business partners,” said Tweeter president/CEO Joe McGuire. “We are thrilled that the process moved quickly so that we can now focus all of our attention on continuing to provide a full-service solution to our customers: a great retail store, top-notch system design and elegant installation all wrapped up in a professional, personalized experience.”
According to a Tweeter spokesperson, Schultze plans to keep current management in place and the chain does not anticipate any further store closings.
Vendors contacted by TWICE said they are eagerly awaiting details of Schultze’s and Tweeter’s post-bankruptcy strategy.